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Illumination and Detection $193 million facility now October business
By Sara Rosenberg
New York, Sept. 20 - Illumination and Detection Solutions' proposed $193 million credit facility is now expected to launch with a bank meeting in October, instead of this month, according to a market source.
"It's a spin off so [there's] a lot to get done ahead of a bank meeting," the source remarked in explanation of why timing is taking a little longer than previously anticipated.
UBS is the lead bank on the deal.
The facility consists of a $15 million five-year revolver and a $178 million six-year term loan.
Proceeds from the credit facility, along with $90 million of mezzanine financing, will be used to help fund the buyout of the company by Veritas Capital from PerkinElmer Inc. for about $500 million in cash.
The business is expected to generate revenue of approximately $300 million in 2010.
Closing is expected by the end of the year, subject to customary conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
Illumination and Detection Solutions is a provider of custom-designed specialty lighting and sensor components, subsystems and integrated products to major OEMs serving health, environmental and security segments.
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